BioCentury
ARTICLE | Financial News

Medivation falls on U.S. Xtandi outlook

March 1, 2014 1:10 AM UTC

Medivation Inc. (NASDAQ:MDVN) fell $12.61 (15%) to $71.91 on Friday after introducing 2014 U.S. sales guidance for prostate cancer drug Xtandi enzalutamide that fell short of the Street's expectations. For 2014, Medivation expects U.S. Xtandi net sales of $500-$535 million. According to Cowen analyst Eric Schmidt, the Street was expecting $667 million. The oral androgen receptor antagonist is already approved in the U.S., EU, Canada and South Korea for castration-resistant prostate cancer (CRPC) patients previously treated with docetaxel.

Medivation's Friday drop erases the company's gains late last month, when Medivation jumped $8.51 to $84.29 after it and partner Astellas Pharma Inc. (Tokyo:4503) reported final data from the Phase III PREVAIL trial evaluating Xtandi in chemotherapy-naïve patients with metastatic CRPC. The partners plan to submit regulatory applications to expand Xtandi's label to include chemotherapy-naïve patients early this year (see BioCentury Extra, Jan. 29). ...